India: car insurance claims settlement ratio by insurer 2024 | Statista (2024)

FAQs

India: car insurance claims settlement ratio by insurer 2024 | Statista? ›

Car insurance claims settlement ratio India January 2024, by insurer. As of January 2024, SBI Car Insurance had a claims settlement ratio of 100 percent in India. It was followed by HDFC ERGO Car Insurance

The largest public sector company, the Life Insurance Corporation (LIC), holds a claim settlement ratio of 93.91% compared with 93.7% in Q2 and Q1 of FY 2024. HDFC Life is another key player in the private sector that has secured fourth place with a claim settlement ratio of 96.62%.

The claim settlement ratio of New India Assurance car insurance is 95%.

In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.

With settlement percentages up and above the 95% mark, a prospective life insurance buyer can be sure that the insurers are secure as they are willing to pay the insurance claim amount to most of their customers. For FY 2022-23, the claim settlement ratio of Max Life Insurance was 99.51%*.

Bajaj Allianz is the best insurance company for car and has 98% claim settlement ratio, offering hassle-free claim process. You can get cashless services at 6,500+ network garages across India. Buy the Bajaj Allianz Car Insurance policy at Bajaj Finance Insurance Mall at premium starting from Rs. 3,031*.

Some of the top car insurance companies in India include AIG General Insurance Company, ICICI Lombard General Insurance Company, HDFC General Insurance Company, and AXA General Insurance Company. If you're looking for a good car insurance company in India, there are a few to choose from.

High Claim Settlement Ratio Tata AIG boasts an impressive claim settlement ratio of 98% during FY 2020-21.

Which car insurance has the highest claim-settlement ratio? ›

As of January 2024, SBI Car Insurance had a claims settlement ratio of 100 percent in India. It was followed by HDFC ERGO Car Insurance and Royal Sundaram Car Insurance with a settlement ratio of 99 and 98.6 percent respectively.

HDFC has a claim settlement ratio of 99.39% over the fiscal year 2022-23. This is by far the highest number that HDFC Life Insurance has achieved to date when compared with previous years.

According to Claim statistics for FY 2021-22 , claim settlement ratio of United India Insurance is 97.25%.

And when you average this number for 3 years and express it as a percentage, you will see that TATA AIA has an amount settlement ratio of 92.7% and Max Life has a amount settlement ratio of 95.5%. These are both pretty good numbers even though there's a slight difference.

Our Claims Settlement Ratio for FY2021-22 is 97.8%

For details, refer to the Annual Report for FY2021-22 on our Website.

How is claim settlement ratio calculated? Claim settlement ratio is calculated by dividing the total number of claims settled by the total number of death claims volume.

An insurance company's claim settlement ratio (CSR) refers to the number of claims successfully resolved versus the number of requests received in a given year. For example, if XYZ company receives 100 claim requests in a year and successfully settles 90 of them, its CSR is 90%.